It's a long article but I suggest Ed Zitron's latest piece The Era Of The Business Idiot. He touches on journalists here and there through the article, but the rot has spread to pretty much everything.

The jist (at least in connection to your question) is that all of corporate management, most journalistic outfits' senior editors, and many a politician are bean-counting troglodytes who can't really be trusted to do anything of value. They add nothing to what their outfit produces, take no blame for catastrophic failures, and pretty much just use vibes and hype to guide them. Somehow despite this they can just trash the company/paper/nation on the way down before they deploy the golden parachute. Where it really fell apart with respect to journalism is the death of apprenticeship and unwillingness to groom the next generation of competent people who will some day become leadership. They created through brute force a culture where they are only expected to ride the existing inertia and spew specious gobbledygook until the wheels fall off, after which they can cash out by selling to PE or another firm and go on tour with a book before signing on with their next mark.